IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 30 May 2011 | Removal date: 28 Nov 2011
Still in force

Import tariff

Effective from 30 May 2011, the Republic of Korea updated Tariff Rate Quotas(TRQ) for Liquefied petroleum gas (LPG: HS 2709.00) and other crude oils for producing LPG (HS 2711.12; 2711.13).
 
The measure lowered tariff rates of these items from 2 to 0% through the Presidential Decree No.22935. According to the Ministry of Strategy and Finance (MOSF), the purpose of this intervention is to stabilize domestic market prices.
 
Although the tariff rates for these products were lowered, the quotas remained at the level of the previous TRQ decision (see related measure).
 
This measure is valid from 30 May to the end of 2011. This measure was amended by the Presidential Decree No. 22978 (see related measure).

AFFECTED COUNTRIES

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AFFECTED SECTORS AND PRODUCTS

120 Crude petroleum & natural gas
2709 Petroleum oils and oils obtained from bituminous minerals, crude.
270900 Petroleum oils and oils obtained from bituminous minerals, crude.
2711 Petroleum gases and other gaseous hydrocarbons.
271111 Natural gas
334 Petroleum gases & other gaseous hydrocarbons, except natural gas
2711 Petroleum gases and other gaseous hydrocarbons.
271112 Propane
271113 Butanes
271114 Ethylene, propylene, butylene and butadiene
271119 Other

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